| Page | ||
|---|---|---|
| Reference and Administrative Details ofthe |
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| Charity. Its Trustees and Advisers |
||
| Report ofthe | Trustees | 2to 9 |
| Report ofthe | Independent Auditors |
10to 12 |
| Statement of | Financial Activities | 13 |
| Consolidated | Balance Sheet | 14 |
| Charity Balance Sheet | 15 | |
| Consolidated | Statement of Cash Flow | 16 |
| Notes to the | Financial Statements | 17to 29 |
| Unrestricted | ReslUicted | Total funds | Totalfunds | ||||
|---|---|---|---|---|---|---|---|
| funds | funds | 2023 | 2022 | ||||
| 2023 | 2023 | 5 | 6 | ||||
| Note | 8 | ||||||
| INCOME FROM: | |||||||
| Donations and legacies | 580 | 43,145 | 43,725 | 56,588 | |||
| ChaUtable activities |
653430 | 653430 | 695,451 | ||||
| Other trading activities |
133,969 | 133,969 | 112,084 | ||||
| Investment income |
3%i | 366 | 130 | ||||
| Total | 788545 | 43 145 | |||||
| EXPENDITURE ON CHARITIAULE | |||||||
| ACTIVITIES: | |||||||
| Tall Ships Races | 541,952 | 541,952 | 528,308 | ||||
| Charity operating | costs | 96,767 | 96,767 | 64,672 | |||
| Conference | 90,916 | 90,916 | 433 | ||||
| Project costs | 8,753 | 75,683 | 84,436 | 25,000 | |||
| Bursary costs | 20,820 | 20,820 | 41,525 | ||||
| Governance | I9,079 | 19,079 | 11,574 | ||||
| Unrealised movemenfs |
on foreign | 2,142 | 2,142 | 2,215 | |||
| exchange on reserves | |||||||
| Receptions | 3488 | 3488 | I 409 | ||||
| Total | 675,136 | ||||||
| NET INCOME/(EXPENDITURE) | 27,590 | (55,500) | (27,910) | 189,117 | |||
| RECONCILIATION OF FUNDS |
|||||||
| Total funds brought | forward | 279036 | 161.101 | 440,137 | 251.020 | ||
| Total funds carried | forward | 306,626 | 105401 | 412,227 | 440,137 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | Funds | |||
| As restated | ||||||
| Note | 5 | |||||
| FIXED ASSETS | ||||||
| Intangible assets |
li | 13,281 | 13,281 | 20,831 | ||
| Tangible assets | 12 | 4896 | 4 489 | |||
| 18,177 | 18,177 | 25,320 | ||||
| CURRENT ASSETS | ||||||
| Debtors | 14 | I94,005 | I94,005 | 119,270 | ||
| Cash at bank and | in hand | 1,394,473 | 139,613 | 1,534,086 | 1,679,498 | |
| 1,588,478 | 139,613 | 1,728,091 | 1,798,768 | |||
| CREDITORS | ||||||
| NET CURRENT ASSE15 | ||||||
| TOTAL ASSETS LESS | CURRENT | 547,069 | 105,601 | 652 670 | 1,115,530 | |
| LIABILITIES | ||||||
| Creditors: amount | falling due more | 16 | (2JI0,443) | (240,443) | (675,393) | |
| than one year | ||||||
| NET ASSETS | 306626 | 105601 | 412227 | 440 137 | ||
| FUNDS | 18 | |||||
| Unrestricted funds |
306,626 | 279,036 | ||||
| Restricted funds | 105,601 | 16h101 | ||||
| TOTAL FUNDS | 412,227 | 440.137 |
| 2023 | 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||||
| funds | funds | funds | Funds | ||||||
| As restated | |||||||||
| Note | F. | ||||||||
| FIXEDASSETS | |||||||||
| Intangible | assets | 11 | I | 3,281 | 13,281 | 20,831 | |||
| Tangible assets | 12 | 4,896 | 4,896 | 4,489 | |||||
| Investments | 13 | 3 | 3 | 3 | |||||
| 18,180 | 18,180 | 25,323 | |||||||
| CURRENT ASSETS | |||||||||
| Debtors | 14 | 2,986 | 2,986 | 475 | |||||
| Cash at bank and | in hand | ||||||||
| I43,588 | 139,613 | 283,201 | 338,450 | ||||||
| CREDITORS | |||||||||
| NET CURRENT | ASSETS | 125354 | 105601 | 230.955 | 298,294 | ||||
| TOTAL ASSETS LESS | CURRENT | I43,534 | 105,601 | 249,135 | 323,617 | ||||
| LIABILITIES | |||||||||
| NET ASSETS | |||||||||
| FUNDS | 18 | ||||||||
| Unrestricted | funds | 143,534 | 162,516 | ||||||
| Restricted | funds | I05,601 | 161.101 | ||||||
| TOTAL FUNDS | 249,135 | 323.617 |
| Note | 2023 | 2022 | ||||
|---|---|---|---|---|---|---|
| F. | 5 | |||||
| Cash flows from operating | activities | |||||
| Net cash used in operating | activities | 19 | 141572 | 361,107 | ||
| Cash gow from investing activities |
||||||
| Dividends, interest and rents from investments |
3dd | 130 | ||||
| Purchase of tangible fixed |
assets | |||||
| Net cash provided by investing activities |
130 | |||||
| Cash flows from financing | activities | |||||
| Net cash provided by financing activities |
||||||
| Change In cash and cash |
equivalents | In the | year | (145,412) | 341,237 | |
| Cash and cash equivalents | at the beginning | ofthe year | 1 679498 | 1,338261 | ||
| Cash and cash equivalents | at the end | of the | year | 20 | 1,679,498 |
| Unrestricted | Restdicted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2023 5 |
2023 8 |
2023 E |
2022f | |
| Tall Ships Races | 695,451 | |||
| Total 2022 | 695,451 | 695,451 | ||
| OTHER TRADING ACTIVITIES | ||||
| Unrestricted | Restiicted | Total | Total | |
| funds | tunds | funds | funds | |
| 2023 | 2023 | 2023f | 2022 | |
| Annual conference | I27,830 | 127,830 | 109,027 | |
| Other income | 6,139 | 6,139 | 3,057 | |
| Total 2022 | 112084 | |||
| INVESTMENT INCOME | ||||
| Unrestricted | Restricted | Total | Total | |
| funds | lund s | funds | funds | |
| 2023f | 2023f | 2023 | 2022f | |
| Bank interest | 366 | 366 | 130 | |
| Total 2022 | 130 | 130 |
| AcllvUles | Grants | Support | Total | Total | |||
|---|---|---|---|---|---|---|---|
| undertaken | funding of |
Costs | funds | funds | |||
| directly | activUies | 2023 | 2023 | 2022 | |||
| 2023f | 2023f | f | f | ||||
| Tall Ships Races | 493,615 | 48,337 | 541,952 | 528,308 | |||
| Charity trading | costs | 68,692 | 28,075 | 96,767 | 64,672 | ||
| Conferences | 90,916 | 90,916 | 433 | ||||
| Project Costs | 40,231 | 44,000 | 205 | 84,436 | 25,000 | ||
| Bursary costs | 20,590 | 230 | 20,820 | 41,525 | |||
| Governance | costs | 19,079 | 19,079 | 11,574 | |||
| Unrealised movements |
2.142 | 2,142 | 2,215 | ||||
| on foreign exchange | |||||||
| Receptions | 3,488 | 3488 | I 409 | ||||
| 736,611 | 44,000 | 78.989 | 859600 | 675,136 | |||
| Total 2022 | 583,998 | 25,000 | 66,138 | 675.136 |
| his is state | d after chargi | ng: | ||
|---|---|---|---|---|
| 2023 | 2022 | |||
| 8 | ||||
| Deprecation oftangible |
fixed assets | 11,349 | 11,986 | |
| Auditor's | remuneration | —audit | I6,200 | 10,550 |
| Auditor's | remuneration | —other services | 1,000 | 5,450 |
| Operating | leases rentals | 20,000 | 21 726 |
| Group | Group | Company | Company | |
|---|---|---|---|---|
| 2023f | 2022 5 |
2023 8 |
2022 5 |
|
| Wages and Salades | 288,985 | 313,074 | 31,738 | 33,345 |
| Social security cost | 24,377 | 25,641 | 2,881 | 4,928 |
| Pension costs | 17,964 | 24 633 | 2,654 | 3,067 |
| 331326 | 363348 | 37,273 | 41 340 |
| The avera | ge monthly number of emp |
loyees duUng the year was as |
follows: | ||
|---|---|---|---|---|---|
| Group | Group | Company | Company | ||
| 2023 | 2022 | 2023 | 2022 | ||
| No. | No. | No. | No. | ||
| Charitable | activities | 4 | 4 | ||
| Administration | 2 | 2 |
| Group | Group |
|---|---|
| 2023 | 2022 |
| No. | No. |
| 2 | 2 |
| Computer | |
|---|---|
| software | |
| 8 | |
| COST | |
| At I April 2022 and 31 March 2023 (as restated) | 37,750 |
| AMORTISATION | |
| At I April 2022 (asrestated) | Id,919 |
| Charge for year | 7,550 |
| At 31 March 2023 | 24,449 |
| NET BOOK VALUE | |
| At 31 March 2023 | ~281 |
| At 31 March 2022 (as restatedj | 20,831 |
| COMPANY | |
| Computer | |
| software | |
| E | |
| COST | |
| At I Alxil 2022and 31 March 2023 (asrestated) | 37,750 |
| AMORTISATION | |
| At I Apfil 2022 (as restated) | Id,919 |
| Charge foryear | 7,550 |
| At 31 March 2023 | 24,4d9 |
| NET BOOK VALUE | |
| At 31 March 2023 | I3.281 |
| At 31 March 2022 (as restated) | ~20 831 |
| TANGIBLE FIXED ASSETS GROUP |
|||
|---|---|---|---|
| Office | Computer | ||
| equipment | equipment P, |
Totals f |
|
| COST | |||
| At I April 2022 (as restated) | 4,760 | 9,689 | 14,449 |
| Additions Disposals |
~4.153) | 4,206 ~2,253) |
4,206 ~b,406) |
| At 31 March 2023 | 607 | 11,642 | 12,249 |
| DRIIRECIATION | |||
| At I April 2022 (as restated) |
4.268 | 5.692 | 9,960 |
| Charge for year Eliminated on disposal |
385 ~4,153) |
3.414 ~2,253) |
3,799 ~4,40') |
| At 31 March 2023 | 500 | 6,853 | 7,353 |
| NET BOOK VALUE | |||
| At 31 March 2023 | 107 | 4,789 | 4,896 |
| At 31 March 2022 (as restated) | 492 | 3,997 | 4489 |
| COMPANY | |||
| Office | Computer | ||
| equipment | equipment | Totals | |
| COST | |||
| At I April 2022 (as restated) | 4,760 | 9,689 | 14,449 |
| Additions Disposals |
~4,153) | 4,206 ~2,253) |
4,206 ~6,406) |
| At 31 March 2023 | 607 | 11,642 | 12,249 |
| DEPRECIATION | |||
| At I April 2022 (as restated) |
4,268 | 5,692 | '1,960 |
| Charge foryear Eliminated on disposal |
385 ~4,153) |
3,414 ~2,253) |
3,799 ~6,40d) |
| At 31 March 2023 | 500 | 6,853 | ~7353 |
| NET BOOK VALUE | |||
| At 31 March 2023 | 107 | 4,789 | ~4896 |
| At 31 March 2022 (as restated) | 492 | 3,997 | 4,489 |
| FI | XED ASSET INVESTMENTS (Charily only) | ||
|---|---|---|---|
| Shares in | group | ||
| undertakings f |
|||
| MARKET VALUE | |||
| At | 1 April 2022 and 31 March 2023 | ||
| NET BOOK VALUE | |||
| At | 31 March 2023 | 3 | |
| At | 31 March 2022 | 3 |
| Group | Group | Company | Company | |
|---|---|---|---|---|
| 2023f | 2022 F. |
2023f | 2022 | |
| Trade debtors | I65,823 | 72,567 | ||
| Other debtors | 5,897 | 5,691 | 443 | 173 |
| Prepayment | 22 285 | 41,012 | 2,543 | 302 |
| 119,270 | 2,986 | 475 |
| Group | Group | Company | Company | |
|---|---|---|---|---|
| 2023 | 2022f | 2023f | 2022f | |
| Trade creditors | 58,480 | 67,385 | 33,190 | 16,746 |
| Amounts owed to group underlakings |
8,051 | 7,145 | ||
| Corporation Tax |
5,387 | 7,889 | ||
| Other creditors | 3,554 | |||
| Accruals and deferred income | 1,029,731 | 629.730 | 11,005 | 16.265 |
| 708,558 | 52,246 | 40,156 |
| Group | Group |
|---|---|
| 2023f | 2022 |
| 240,443 | 675,393 |
| Group | Group | Company | Company | |||
|---|---|---|---|---|---|---|
| 2023f | 2022f | 2023 | 2022 | |||
| Not later than | I year | 16,667 | 20,000 | 16,667 | 20,000 | |
| Later than | 1 year and not later than 5years | 16,667 | 16,667 | |||
| 16,667 | 36,667 | Ifi,667 | 36,667 |
| Net | Transfer | |||||
|---|---|---|---|---|---|---|
| movement | between | |||||
| At 1.4.22 | in funds | funds | At 31.3.23 | |||
| 5 | 5 | |||||
| Unrestricted lands |
||||||
| General funds | 306626 | |||||
| Resldicted funds | ||||||
| Sultan ot Oman fund | 36,387 | (15,675) | (200) | 20.517. | ||
| Ross MacDonald | fund | 3.911 | 3,9TI | |||
| Aalborg Commune fund Canadian Legacy fund |
1.027 !13.976 |
(1,027) (32.798) |
81,178 | |||
| Burnett fund | 5.800 | 200 | ||||
| 105,601 | ||||||
| Total oflands | 412,227 |
| Net move | m | ent in f |
unds, included in the above a |
re as follows: | ||
|---|---|---|---|---|---|---|
| Incoming | Resources | Movement | ||||
| resources | Expended | in funds | ||||
| 5 | ||||||
| Unrestricted | funds | |||||
| General | funds | 27,590 | ||||
| Restricted | lands | |||||
| Sultan of | Oman fund | 43,145 | (58,820) | (15,675) | ||
| Aaiborg | Kommune | fund | (1,027) | (1,027) | ||
| Canadian | Legacy | fund | (32.798) | (32,798) | ||
| Burnett fund | ||||||
| TotalFunds |
| MOVEMENT IN |
FU | NDS - contin | NDS - contin | ued | ued | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Comparalives | for | movement | In funds - prior year | |||||||
| Net | Transfer | |||||||||
| movement | between | |||||||||
| At | I u821 | in funds | funds | At 31.3.22 | ||||||
| 5 | 8 | 8 | ||||||||
| Unrestricted funds |
||||||||||
| General funds |
53243 | 217,186 | 8,607 | 279036 | ||||||
| Restricted funds | ||||||||||
| Sultan of Oman | fund | 58,041 | (21.654) | 36,387 | ||||||
| Ross MacDonald | fund | 3,911 | 3,911 | |||||||
| Aalborg Commune | fund | 1,027 | 1,027 | |||||||
| Canadian Legacy |
fund | 116,191 | (2.215) | 113,976 | ||||||
| STAG fund | 8,607 | (8,607) | ||||||||
| Burnett fund | 10000 | 5.800 | ||||||||
| 161,101 | ||||||||||
| Total offunds | 251.020 | 189,117 | ||||||||
| Comparative net |
movement | in funds, included | in the above are as follows: | |||||||
| Incoming | Resources | Movement | ||||||||
| resources | Expended | In funds | ||||||||
| F, | 8 | 8 | ||||||||
| Unrestricted lands |
||||||||||
| General funds | 217,186 | |||||||||
| Restricted funds | ||||||||||
| Sultan ofOman | fund | 40,671 | (62,325) | (21,654) | ||||||
| Canadian Legacy |
fund | (2,215) | (2,215) | |||||||
| Burnett fund | ||||||||||
| TotalFunds | 189,117 |
| Group | Group | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023f | 2022f | |||||||
| Net (expenditure) /income |
for the year (as per the statement | of financial | activities) | (27,910) | 189,117 | |||
| Adjustment for: |
||||||||
| Depreciation charges |
11,349 | I 1,986 | ||||||
| Loss on ihe sale of fixed assets | 70 | |||||||
| llncrease)/decrease | in debtors | (74,735) | I32,024 | |||||
| (Decrease)/increase | in creditors | & Iyear | 385,040 | 5,825 | ||||
| Decrease in creditors | & I year | (434,950) | ||||||
| Bank interest income | (366) | (130) | ||||||
| Unrealised forex movements |
2,215 | |||||||
| Net cash used in operating | activities | ( I41,572) | 341,107 | |||||
| ANALYSIS OF CASH AND CASH EQUIVALENTS | ||||||||
| Group | Group | |||||||
| 2023f | 2022 | |||||||
| Cash in hand | 1,534,086 | 1,679.498 | ||||||
| CASHFLOW RECONCILIATION | ||||||||
| At | I Apriil | Cash flows | At 31 | |||||
| 2022 | March | |||||||
| 2023 | ||||||||
| Cashin hand | I 534086 |
| The follawing were subsidiary | The follawing were subsidiary | undertakings | undertakings | ofthe charity: | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Names | Company | Holding | Included | in | ||||||
| number | consofidatlon | |||||||||
| Tall Ships Races International | Limited | 04894646 | 100% | Yes | ||||||
| Tall Ships International | Limited | 05025229 | 100% | Yes | ||||||
| Sail On Board Limited | 10501077 | 100% | Yes | |||||||
| The financial result ofthe subsidiaries |
for the | year were: | ||||||||
| Names | Income | Expenditure | ProN/ | Surplus | Net Assets | |||||
| 5 | for | the year | ||||||||
| Tall Ships Races International | Limited | 655,474 | 484,381 | 171,093 | 163,093 | |||||
| Tall Ships International | Limited | I |